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Trowers & Hamlins advises on EIIB-Rasmala’s debut UK commercial property deal

Trowers & Hamlins advises on EIIB-Rasmala’s debut UK commercial property deal

Trowers & Hamlins is pleased to have advised on the successful completion of EIIB-Rasmala's first UK commercial property deal, acquiring a 66,500 sq ft office building let to the telecoms provider Everything Everywhere (EE) at Doxford Business Park in Sunderland for £11.8 million.

EIIB-Rasmala, the London-listed asset management and financing group, completed the purchase as the first deal in an expansion of its real estate business. The real estate division will focus on identifying high quality, income generating opportunities in the UK, Europe and the US, with a primary focus on the UK, with the strategy of targeting assets in London as well as secondary cities where blue chip tenants occupy Grade A buildings.

Abdul-Haq Mohammed, Head of International Real Estate at Trowers & Hamlins, commented:  "This deal represents a debut for EIIB-Rasmala's expanded real estate arm and we are delighted to have advised on the deal. Our client's intention to follow up with several more purchases is an indication of the attractiveness of the UK market and the quality of the assets available, especially when it comes to meeting a growing demand in the Middle East and elsewhere for securing long term income.  We look forward to working with EIIB-Rasmala on future purchases."

Trowers & Hamlins' advice on the acquisition also included developing a tax-efficient structure to take account of a diverse set of investor profiles from the GCC. 

Abdul-Haq Mohammed was supported on the deal by a London-based team led by real estate partner Sangita Unadkat.  Trowers & Hamlins' Real Estate practice is widely recognised for its expertise in UK inward investment into real estate from the Middle East and Far East and in Islamic finance.